Vegas company decides to raise cash for expanding its operation and thus issues $600,000 face value, five year, 4% interest rate, coupon bonds which pay interest semi annually each June 30 and December 31. the bonds are sold in the open market on January 1 20X1 at which time the market rate of interest on similar bonds was 3% calculate the issuance price of the bonds on January 1 20X1 .

Vegas Company decides to raise cash for expanding its operation and th The bonds are sold in the open market on January 1, 20X1, at which time Calculate the issuance price of the bonds at January 1, 20X1. Multiple Choice O $573,053 $627,668 O $600,002 O $628,970